UAE chairs 111th meeting of GCC Financial and Economic Cooperation Committee

Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, yesterday chaired the 111th meeting of the GCC Financial and Economic Cooperation Committee, which took place virtually to discuss the recommendations and findings from the 57th meeting of the GCC Under-Secretaries of Ministries of Finance Committee, and ways to take the necessary steps.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, and representatives of the Ministry of Finance, the Ministry of Economy and the Federal Customs Authority also attended the meeting, along with the Ministers of Finance of the GCC nation, and the Secretary-General of the Cooperation Council for the Arab States of the Gulf.

Al Tayer said, "The UAE is ready and willing to communicate and consult on all issues that support joint Gulf economic policies. We are ready to support any efforts made by member countries to quell the consequences of the pandemic and limit its spread. Furthermore, we want to mitigate its economic impact on various sectors in GCC countries and to further bolster them to achieve strong, sustainable, balanced and comprehensive growth."

Deliberated at the meeting were the precautionary measures and efforts undertaken by GCC countries to tackle the financial and economic impact of the pandemic. Also discussed were several topics that support the process of joint Gulf action, including the Customs Union, the GCC common market, as well as the minutes of the GCC Committee of Governors of Monetary Institutions and Central Banks.

Also discussed was the UAE’s proposal regarding the meeting of the committees affiliated to the Financial and Economic Cooperation Committee. The proposal aims to improve the unified Gulf economic work system with recommendations to provide an integrated mechanism, along with a road map to achieve them.

Furthermore, the meeting discussed the decision of the 40th session of the GCC Supreme Council. The 40th session agreed to assign the Financial and Economic Committee to accredit and implement the necessary decisions for joint action in the Customs Union, including the amendments of the Common Customs Law, the Guide for Customs Procedures, a unified guide to releasing foreign goods, as well as amendments of the unified tariff.

The Deputy Ministers of Finance Committee held its 57th preparatory meeting for the 111th meeting of the GCC Council of Economic and Development Affairs the day before yesterday.

Younis Haji Al Khoori, Under-Secretary of MoF, attended the meeting to discuss many of the aforementioned topics and provided recommendations to the ministers.

News Source : http://wam.ae/en/details/1395302838331

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